Field of the Invention
The present invention generally relates to systems and methods for reporting compromised card accounts.
Related Art
With the proliferation of electronic commerce, more financial transactions are made via card accounts. Merchants who accept payments via card accounts may discover card accounts that have been compromised, e.g., a stolen card, a stolen identity, or etc. Typically, when a merchant realizes that a particular card account has been compromised, the merchant may flag the compromised card account to restrict transactions via the compromised card account. Nevertheless, due to privacy concerns or regulation, the merchant is not able to notify the account user of the compromised card account or the issuing bank of the card account regarding the compromised card accounts. Because the account user is not notified, the account user may be frustrated when the account user attempts to use the compromised card account to pay for a purchase and the payment transaction is rejected. Further, the issuing bank of the compromised card account may incur more risk or cost, because the issuing bank is not notified of the compromised card account in time to take action to prevent loss. Therefore, there is a need for a system or method that facilitates reporting of compromised card accounts.
Embodiments of the present disclosure and their advantages are best understood by referring to the detailed description that follows. It should be appreciated that reference numerals are used to identify respective elements illustrated in one or more of the figures, wherein showings therein are for purposes of illustrating embodiments of the present disclosure and not for purposes of limiting the same.